EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ON PRIMARY AND FULLY DILUTED BASIS (Unaudited) Eli Lilly and Company and Subsidiaries Three Months Ended March 31, ------------------ 1995 1994 ---- ---- (Dollars in millions except per-share data) (Shares in thousands) PRIMARY: Net income $393.2 $330.7 Average number of common shares outstanding 289,062 289,413 Add incremental shares: Stock plans and contingent payments 3,576 1,707 ------- ------ Adjusted average shares 292,638 291,120 ======= ======= Primary earnings per share $1.34 $1.14 FULLY DILUTED: Net income $393.2 $330.7 Average number of common shares outstanding 289,062 289,413 Add incremental shares: Stock plans and contingent payments 4,471 1,707 ----- ------ Adjusted average shares 293,533 291,120 ======= ======= Fully diluted earnings per share $1.34 $1.14 28